Grayscale’s $2.7bn in crypto assets to be held by Coinbase Custody

Many coins of various cryptocurrencies

Grayscale Investments has selected Coinbase Custody to serve as custodian for its digital asset holdings. It is expected to transfer $2.7 billion of assets in fewer than 12 hours to Coinbase.

Grayscale, which claims to be the world’s largest Bitcoin and digital currency asset manager, holds Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Stellar Lumens, XRP and Zcash. Coinbase Custody also intends to hold Grayscale’s Horizen (ZEN) token, pending regulatory approval to support the asset.

“Grayscale and Coinbase have led the way in providing safe, secure, trustworthy, and regulated access to digital assets. Grayscale is an established, trusted, and valuable partner to its clients and its service providers should be the same,” says Sam McIngvale, Coinbase Custody CEO.

“As a New York state-chartered trust company, Coinbase Custody is held to the same fiduciary standards as national banks. We also offer some of the broadest and deepest insurance coverage in the crypto industry.”

Last month, Coinbase said that it had signed up 30 million users since launching in 2012, with eight million new users added over the last 12 months.

Scott Thompson

Scott has been working in technology and business journalism for nearly 20 years, with a focus on FinTech, retail, payments and disruptive technology. He has been Editor of such titles as FStech, Retail Systems and IBS Journal and also contributed to the likes of Retail Technology Innovation Hub, PaymentEye, bobsguide, Essential Retail, Open Banking Hub, TechHQ and Internet of Business.